Front Matter

Front Matter

Ana María Martirena-Mantel
Published Date:
January 1987
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External Debt, Savings, and Growth in Latin America

Edited by Ana María Martirena-Mantel

Papers presented at a seminar sponsored by the International Monetary Fund and the Instituto Torcuato di Tella, held in Buenos Aires on October 13–16, 1986

International Monetary Fund, Washington, D.C.

Instituto Torcuato di Tella, Buenos Aires 1987

© International Monetary Fund, 1987

Reprinted July 1989

Library of Congress Cataloging-in-Publication Data

External debt, savings, and growth in Latin America.

Includes bibliographies.

1. Debts, External—Latin America—Congresses.

2. Saving and investment—Latin America—Congresses.

3. Latin America—Economic policy—Congresses.

I. Martirena-Mantel, Ana María. II. International Monetary Fund. III Institute Torcuato Di Tella.

HJ8514.5.E984 1987 336.3’435’098 87–21422

ISBN 0–939934–95–7

Price: $12.00



Under its seminar program for nonofficials, the International Monetary Fund was privileged to have been joined by Instituto Torcuato di Tella of Argentina in sponsoring a seminar on “External Debt, Savings, and Growth in Latin America.” The seminar, which was conducted in Spanish, was held at the Hindu Club, located in Don Torcuato, near Buenos Aires, in October 1986, and was attended by economists representing a wide range of views from universities, banks, research centers, and other nonofficial institutions in Argentina, Brazil, Colombia, Ecuador, Mexico, the United States, and Venezuela. Participants, who attended in a personal capacity, also included members of the staffs of the Fund, the Economic Commission for Latin America and the Caribbean, and the World Bank.

The relevance, indeed the urgency, of the topics discussed provided an opportunity to have a frank and constructive exchange of views and experiences which, I am convinced, has enriched the understanding of the issues and has contributed to focusing the search for appropriate solutions. This, of course, is a major objective of the seminar program, as well as the objectives of promoting a better understanding of the work of the Fund and of improving the Fund’s knowledge of thinking in academic, business, and other nongovernmental circles.

This book represents the continuation of the Fund’s effort to publish a wide variety of views about its role and activities in the developing world. While all the views expressed are not necessarily shared by the Fund, it is our hope that their dissemination can contribute to a more informed discussion of the issues.

Michel Camdessus

Managing Director

International Monetary Fund


It is important to record the warm thanks of all the participants in this seminar to those who were responsible for its success.

I should begin by referring to the devoted and tireless organizational work of Hernán Puentes, of the External Relations Department of the International Monetary Fund in Washington, D.C., and Alberto Petrecolla, Director of the Instituto Torcuato di Tella in Buenos Aires, both of whom spared no effort to arrange this seminar.

My special thanks are due to Mónica Fiorini and Mercedes Vigliershio de Viña of the Instituto Torcuato di Tella, who with rare skill and efficiency overcame the many obstacles inherent in the operational details of holding such a seminar. I would also like to thank Jennie Lee Carter, Assistant Editor in the External Relations Department of the Fund, for expertly directing the volume from draft through publication, and the English Division of the Bureau of Language Services of the Fund, for translating papers from their original language.

Finally, in my capacity as moderator and editor, a mark of confidence placed in me by both institutions, I received great help from Javier Ortiz and Pablo Gómez through their patient, professional transcription of the seventeen hours of sessions.

Ana María Martirena-Mantel

Senior Economist, Instituto Torcuato

di Tella, and Professor of International Economics,

University of Buenos Aires

List of Participants


Aldo A. Arnaudo

Universidad de Córdoba

Julio Berlinski

Instituto Torcuato di Tella

Roque Fernández

Centro de Estudios Macroeconómicos de la Argentina

Daniel Heymann

Comisión Económica para América Latina y el Caribe


Jose Luis Carvalho

Fundaçao Getulio Vargas

Winston Fritsch

Pontificia Universidade Católica do Rio de Janeiro

Antonio Kandir

Universidad de Campinas

Carlos A. Longo

Fundaçao Instituto de Pesquizas Económicas


Germán Botero A.


Javier Fernández


Luis Jorge Garay S.

Ministerio de Hacienda

Armando Montenegro

Junta Monetaria


Antonio Acosta

Banco Pichincha

Leonidas Ortega

Banco Continental


Carlos Bazdresch P.

Trimestre Económico

United States

Rudiger Dornbusch

Massachusetts Institute of Technology


Ricardo Hausmann

Instituto de Estudios de Administración

Jorge Marcano

Ministerio de Hacienda

Pedro A. Palma


Luis Supelano

Instituto Venezolano de Planificación

International Bank for Reconstruction and Development

Vittorio Corbo

International Monetary Fund

Sterie T. Beza

Anthony Lanyi

Guillermo Ortiz

Hernán Puentes

Vito Tanzi

Instituto Torcuato di Tella

Ana María Martirena-Mantel

Alberto Petrecolla


Ricardo Arriazu


Alfredo Canavese

Instituto di Tella

Roberto Cortés

Instituto di Tella

Juan C. de Pablo

El Cronista Comercial

Guido di Tella

Instituto di Tella

Pablo Gerchunoff

Instituto di Tella

Adrián Guisarri


Rolf Mantel

Centro de Estudios Macroecónomicos de la Argentina

Armando Ribas


Carlos Rodríguez

Centro de Estudios Macroeconómicos de la Argentina

Osvaldo Schenone

Centro de Estudios Macroeconómicos de la Argentina

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